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v3.19.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Disaggregation of Revenue | The following tables presents our revenue disaggregated by geography, based on the location where our services were provided and products sold (in thousands):
| Three Months Ended June 30, 2019
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 41,408 |  |  | $ | 18,387 |  |  | $ | 21,341 |  |  | $ | 81,136 |
International | 65,207 |  |  | 3,947 |  |  | 5,364 |  |  | 74,518 |
Total Revenue | $ | 106,615 |  |  | $ | 22,334 |  |  | $ | 26,705 |  |  | $ | 155,654 |
| Three Months Ended June 30, 2018
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 33,372 |  |  | $ | 15,765 |  |  | $ | 18,418 |  |  | $ | 67,555 |
International | 58,146 |  |  | 1,275 |  |  | 5,109 |  |  | 64,530 |
Total Revenue | $ | 91,518 |  |  | $ | 17,040 |  |  | $ | 23,527 |  |  | $ | 132,085 |
| Six Months Ended June 30, 2019
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 79,563 |  |  | $ | 35,015 |  |  | $ | 42,919 |  |  | $ | 157,497 |
International | 125,131 |  |  | 5,976 |  |  | 11,458 |  |  | 142,565 |
Total Revenue | $ | 204,694 |  |  | $ | 40,991 |  |  | $ | 54,377 |  |  | $ | 300,062 |
| Six Months Ended June 30, 2018
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Consolidated
United States | $ | 64,301 |  |  | $ | 32,547 |  |  | $ | 35,472 |  |  | $ | 132,320 |
International | 106,091 |  |  | 2,179 |  |  | 7,064 |  |  | 115,334 |
Total Revenue | $ | 170,392 |  |  | $ | 34,726 |  |  | $ | 42,536 |  |  | $ | 247,654 |
Revenue by geographic area were as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
United States | $ | 81,136 |  |  | $ | 67,555 |  |  | $ | 157,497 |  |  | $ | 132,320 |
Europe/Middle East/Africa | 38,655 |  |  | 32,544 |  |  | 75,055 |  |  | 61,090 |
Latin America | 19,895 |  |  | 12,983 |  |  | 37,339 |  |  | 20,457 |
Asia Pacific | 10,077 |  |  | 9,572 |  |  | 18,026 |  |  | 17,266 |
Other countries | 5,891 |  |  | 9,431 |  |  | 12,145 |  |  | 16,521 |
Total Revenue | $ | 155,654 |  |  | $ | 132,085 |  |  | $ | 300,062 |  |  | $ | 247,654 |
Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Consolidated | The following table presents a reconciliation of Segment Adjusted EBITDA to net loss (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Segment Adjusted EBITDA: |  |  |  |  |  |  |
Tubular Running Services | $ | 25,400 |  |  | $ | 18,860 |  |  | $ | 43,135 |  |  | $ | 23,806 |
Tubulars | 3,934 |  |  | 3,327 |  |  | 8,046 |  |  | 6,920 |
Cementing Equipment | 3,029 |  |  | 4,151 |  |  | 6,823 |  |  | 5,102 |
Corporate (1) | (15,200 | ) |  | (15,385 | ) |  | (31,183 | ) |  | (27,034 | )
| 17,163 |  |  | 10,953 |  |  | 26,821 |  |  | 8,794 |
Interest income, net | 426 |  |  | 609 |  |  | 1,194 |  |  | 1,553 |
Depreciation and amortization | (23,913 | ) |  | (28,862 | ) |  | (49,155 | ) |  | (57,162 | )
Income tax (expense) benefit | (3,300 | ) |  | 815 |  |  | (13,073 | ) |  | (5,560 | )
Loss on disposal of assets | (154 | ) |  | (217 | ) |  | (381 | ) |  | (452 | )
Foreign currency loss | (661 | ) |  | (4,267 | ) |  | (178 | ) |  | (2,563 | )
TRA related adjustments | 220 |  |  | (1,171 | ) |  | 220 |  |  | (4,112 | )
Charges and credits (2) | (4,941 | ) |  | (3,623 | ) |  | (8,895 | ) |  | (8,334 | )
Net loss | $ | (15,160 | ) |  | $ | (25,763 | ) |  | $ | (43,447 | ) |  | $ | (67,836 | )
(1) | Includes certain expenses not attributable to a particular segment, such as costs related to support functions and corporate executives.
(2) Comprised of Equity-based compensation expense (for the three months ended June 30, 2019 and 2018: $3,017 and $2,888, respectively, and for the six months ended June 30, 2019 and 2018: $5,591 and $5,168, respectively), Mergers and acquisition expense (for the three months ended June 30, 2019 and 2018: none and none, respectively, and for the six months ended June 30, 2019 and 2018: none and $58, respectively), Severance and other charges, net (for the three months ended June 30, 2019 and 2018: $815 and $1,115, respectively, and for the six months ended June 30, 2019 and 2018: $1,270 and $2,369, respectively), Unrealized and realized gains (for the three months ended June 30, 2019 and 2018: $383 and $1,561, respectively, and for the six months ended June 30, 2019 and 2018: $691 and $1,161, respectively) and Investigation-related matters (for the three months ended June 30, 2019 and 2018: $1,492 and $1,181, respectively, and for the six months ended June 30, 2019 and 2018: $2,725 and $1,900, respectively).
Schedule of Financial Information, by Reportable Segments | The following tables set forth certain financial information with respect to our reportable segments (in thousands):
| Tubular Running Services |  | Tubulars |  | Cementing Equipment |  | Corporate |  | Total
Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 106,615 |  |  | $ | 22,334 |  |  | $ | 26,705 |  |  | $ | — |  |  | $ | 155,654 |
Operating income (loss) | 8,700 |  |  | 3,089 |  |  | (2,310 | ) |  | (21,993 | ) |  | (12,514 | )
Adjusted EBITDA | 25,400 |  |  | 3,934 |  |  | 3,029 |  |  | (15,200 | ) |  | *
Three Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 91,518 |  |  | $ | 17,040 |  |  | $ | 23,527 |  |  | $ | — |  |  | $ | 132,085 |
Operating income (loss) | (3,615 | ) |  | 2,653 |  |  | (272 | ) |  | (22,548 | ) |  | (23,782 | )
Adjusted EBITDA | 18,860 |  |  | 3,327 |  |  | 4,151 |  |  | (15,385 | ) |  | *
Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 204,694 |  |  | $ | 40,991 |  |  | $ | 54,377 |  |  | $ | — |  |  | $ | 300,062 |
Operating income (loss) | 8,841 |  |  | 6,283 |  |  | (3,134 | ) |  | (44,798 | ) |  | (32,808 | )
Adjusted EBITDA | 43,135 |  |  | 8,046 |  |  | 6,823 |  |  | (31,183 | ) |  | *
Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |
Revenue from external customers | $ | 170,392 |  |  | $ | 34,726 |  |  | $ | 42,536 |  |  | $ | — |  |  | $ | 247,654 |
Operating income (loss) | (20,508 | ) |  | 5,656 |  |  | (3,755 | ) |  | (40,082 | ) |  | (58,689 | )
Adjusted EBITDA | 23,806 |  |  | 6,920 |  |  | 5,102 |  |  | (27,034 | ) |  | *
* Non-GAAP financial measure not disclosed.

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